Custom Truck One Source, Inc. Announces Executive Changes
April 02, 2021 at 05:10 pm EDT
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As previously announced, on December 3, 2020, Custom Truck One Source, Inc. and NESCO Holdings II, Inc., a subsidiary of the company, entered into a Purchase and Sale Agreement with certain affiliates of The Blackstone Group and other direct and indirect equity holders (collectively, Sellers) of Custom Truck One Source, L.P. (CTOS), Blackstone Capital Partners VI-NQ L.P. and, solely with respect to Section 9.04 of the Purchase Agreement, PE One Source Holdings, LLC, an affiliate of Platinum Equity (Platinum), pursuant to which Buyer agreed to acquire 100% of the partnership interests of CTOS (collectively, the Acquisition). In connection with the Acquisition, the previously announced appointments of Fred Ross as Chief Executive Officer of the company became effective on the Closing Date (April 1, 2021). Also, as previously announced, Lee Jacobson ceased to serve as the Chief Executive Officer of the company, effective as of the Closing Date (April 1, 2021).
Custom Truck One Source, Inc. is a provider of specialty equipment, parts, tools, accessories and services to the electric utility transmission and distribution, telecommunications and rail markets in North America. The Company offers its specialized equipment to a diverse customer base for the maintenance, repair, upgrade and installation of critical infrastructure assets. Its segments include Equipment Rental Solutions (ERS), Truck and Equipment Sales (TES), and Aftermarket Parts and Services (APS). ERS segment owns a range of new and used specialty equipment, including truck-mounted aerial lifts, cranes, service trucks, dump trucks, trailers, digger derricks and other machinery and equipment. TES segment offers a variety of new equipment for sale to be used across its end-markets. APS segment includes the sale of specialized aftermarket parts, including captive parts related to its Load King brand, used in the maintenance and repair of the equipment the Company sells and rents.